Key Takeaways
- HIVE plans to adopt U.S. Generally Accepted Accounting Principles (GAAP) for its financial reporting starting in 2025
- While the company’s headquarters will be in San Antonio, the CEO and CFO will remain in Canada
Leading crypto mining company, HIVE Digital Technologies has announced plans to relocate its headquarters from Vancouver, Canada, to San Antonio, Texas.
Texas has become a significant location for crypto mining, offering benefits such as lower electricity costs, access to renewable energy, and a favorable regulatory environment. Other prominent crypto mining firms, including Riot Platforms and Core Scientific, have also established operations in the state.
HIVE’s Executive Chairman, Frank Holmes, highlighted the strategic importance of the move. “The U.S. market offers key opportunities for growth and liquidity, and positioning HIVE in Texas places us at the heart of the global blockchain ecosystem,” Holmes said.
He noted that the U.S. capital markets, among the largest in the world, provide the company with increased visibility and potential for future investment.
In addition to the relocation, HIVE plans to adopt U.S. Generally Accepted Accounting Principles (GAAP) for its financial reporting starting in 2025. This change is intended to align the firm’s reporting practices with U.S. standards and make its financials more comparable to those of other U.S.-based companies. CFO Darcy Daubaras explained that the shift will improve operational efficiency and better meet investor expectations.
While Canada has introduced more stringent rules for digital asset mining, the U.S. has been more supportive, with policies aimed at reducing energy costs for mining operations. HIVE views the U.S. as a more favourable environment for its business.
Further, Hive intends to leverage Texas’ energy resources to further its commitment to sustainable mining practices. HIVE plans to explore renewable energy solutions as part of its broader goal of promoting environmentally responsible blockchain tech.
While the company’s headquarters will be in San Antonio, the CEO and CFO will remain in Canada to ensure continuity in operations. HIVE is also in the process of hiring an internal auditor in Texas to help ensure compliance with U.S. regulatory requirements.
Overall, HIVE sees the relocation as a step toward greater access to U.S. financial markets, increased investment opportunities, and stronger alignment with the country’s growing blockchain industry.
